Craig Whyte saved Rangers from going into administration in May 2011.
When the former billionaire handed over his pound coin to Dave Murray he took on responsibility for £18m of bank debt to Lloyds and also responsibility for the wee tax case which was close to £3m.
Whyte’s intervention prevented Lloyds from forcing administration and allowed Ally McCoist to compete for the golden egg of Champions League football.
The former Question of Sport skipper replaced Walter Smith shortly after Whyte entered the blue room and immediately set about a spending spree that brought Lee Wallace, Juan Ortiz, Brad Mackay and Carlos Bocanegra to Ibrox.
Details of Whyte’s heroic intervention were revealed when the former Rangers Finance Director Donald McIntyre gave evidence.
Under questioning from Donald Findlay, McIntyre revealed the full extent of the cash crisis that the club were facing despite playing in the Champions League earlier that season.
Findlay suggests the Rangers board were in a “financial predicament” in 2011 “The bank had lost it’s patience” #WhyteTrial
— James Doleman (@jamesdoleman) April 25, 2017
Email from Lloyd’s to McIntyre, 9 May 2011, just as sale is being completed.
Loan and security transferred to Wavetower. £15m loan cancelled— James Doleman (@jamesdoleman) April 25, 2017
Findlay “Lloyd’s severed all links with Rangers and said ‘don’t come back””
McIntyre “effectively, yes”— James Doleman (@jamesdoleman) April 25, 2017
Findlay “the day you paid the bank back they slammed their doors and wouldn’t even let you use a credit card machine”#WhyteTrial
— James Doleman (@jamesdoleman) April 25, 2017
Findlay “by the time Craig Whyte came to buy the club it was already facing financial disaster” #WhyteTrial
— James Doleman (@jamesdoleman) April 25, 2017
April 2011 email, Mike McGill From Murray holdings “it would appear forecasts for club have deteriorated, we will breach bank facility.”
— James Doleman (@jamesdoleman) April 25, 2017
Continues
“Needs a major injection of capital or radical cost cutting”
Asked what he was referring to McIntyre said “the club”— James Doleman (@jamesdoleman) April 25, 2017
Email May 2011 “HMRC are no longer willing to wait response from the club. Want £2.8m within 30 days or notice of fine issued”
— James Doleman (@jamesdoleman) April 25, 2017
Findlay “You cost the club £1.8m what kind of financial idiocy is this?”#WhyteTrial
— James Doleman (@jamesdoleman) April 25, 2017
McIntyre notes issues with cash but had assets such as playing squad “worth more than £18m”#WhyteTrial
— James Doleman (@jamesdoleman) April 25, 2017
McIntyre, David Murray wanted to sell the club to someone who could take the club forward, AD “It is a major Scottish institution”
— James Doleman (@jamesdoleman) April 25, 2017
While Whyte paid off the debt to Lloyds it’s unclear why HMRC  didn’t push for payment for their £2.8m while the club continued to throw money at footballers.
This morning McIntyre revealed that the club had received a tax demand from HMRC in November 2010. In March 2011 a licence to play in UEFA competition was granted after the club declared that they had no overdue social payables (tax bills).
When McCoist’s side failed to reach the 2011/12 Champions League group stage administration and liquidation were only a matter of time away.